Forty-five percent (45%) of U.S. voters favor the $825-billion economic recovery plan proposed by President Barack Obama, and nearly as many (40%) say it is Very Likely to become law in Obama’s first 100 days in office.

Thirty-four percent (34%) oppose the plan, and 21% are undecided, according to a new Rasmussen Reports national telephone survey.

An additional 37% say it is somewhat likely that Obama’s plan will become law during his first 100 days, with just two percent (2%) saying that is not at all likely to happen.

Obama initially proposed $350 billion in tax cuts as part of the plan, but under pressure from congressional Democrats for more spending, he agreed to lower that figure to $275 billion. House Speaker Nancy Pelosi also wants to repeal President Bush’s tax cuts for those who make more than $250,000 well before they expire at the end of 2010, but Obama is willing to wait until then before raising taxes on those high-income earners.

Sixty-four percent (64%) of voters say it is more important to cut taxes for 95% of Americans as Obama pledged on the campaign trail than to raise taxes on those who earn more than $250,000 per year. Twenty-four percent (24%) say raising taxes on wealthier Americans is more important, and 12 percent (12%) are not sure.

Voters are evenly divided on whether now is a good time to raise taxes on high-income Americans. Thirty-eight percent (38%) say it’s bad for the economy, 36% say it’s a good move, and 19% say it will have no economic impact. Seven percent (7%) aren’t sure.

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The plan agreed upon by Obama and the Democratic congressional leadership includes $550 billion in new spending for modernization of roads, bridges and other infrastructure, for increased unemployment benefits and to help states and localities with education costs. It’s also intended to create or save up to four million jobs by 2010.

The Rasmussen Reports daily Presidential Approval Index for Wednesday shows that 44% of the nation’s voters now Strongly Approve of the way Obama is handling his new role while 16% Strongly Disapprove.

Despite yesterday’s four percent drop in the Dow Jones Industrial Average, the worst on an Inauguration Day in the measure’s 112-year history, the Rasmussen Consumer and Investor Indexes, which measure daily economic confidence, rose to their highest levels in two weeks on Wednesday.

Seventy-three percent (73%) of Democrats support Obama’s economic plan, compared to 18% of Republicans. Sixty percent (60%) of GOP voters oppose the plan, along with just 10% of Democrats. Unaffiliated voters are evenly divided on the proposal.

Investors by a five-point margin like the recovery plan, while non-investors are in favor of it by nearly two-to-one.

Sixty-five percent (65%) of investors and 63% of non-investors agree that it is more important to cut taxes for 95% of Americans than to raise taxes on wealthy citizens.

Republicans and unaffiliated voters by margins of 50 percentage points or more agree. For Democrats, 57% say tax cuts are more important, but 37% put more emphasis on raising taxes for those who earn more than $250,000 per year.

Fifty-seven percent (57%) of Democratic voters say raising taxes on wealthy Americans now would be good for the economy, a view shared by 19% of Republicans and 26% of unaffiliateds. Fifty-seven percent (57%) of Republicans and 49% of unaffiliated voters think a tax hike on the wealthy would be a bad economic move, but just 13% of Democrats agree.

Forty-four percent (44%) of investors say tax increases on the wealthy would be bad for the economy right now, while the identical number of non-investors (44%) think they make good economic sense.

Nearly half of all voters (48%) are worried the government will do too much in reacting to the nation’s current economic problems, while 40% fear it won’t do enough. Twelve percent (12%) are undecided which is worse.

Republicans and unaffiliated voters worry about too much government far more than Democrats, most of whom worry the government won’t do enough. Fifty-five percent (55%) of investors think the bigger concern is the government doing too much, but just 33% of non-investors agree.

Voter attitudes on this question have become much closer as the economic situation has worsened (see trends). Fifty-four percent (54%) of voters now think a major economic rescue plan is needed to restore the economy.

Like 47% of Democrats, 38% of Republicans and 34% of unaffiliated voters say it is Very Likely that Obama’s economic recovery plan will become law during his first 100 days as president.

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